Is having more than 1 Million in the bank a bad idea?

**CyberBachelor** · 01-17-2005, 12:48 AM

you came to GFY to ask this question???

**DutchTeenCash** · 01-17-2005, 12:50 AM

send it to paypal and tell them its adult thats the best imho

**bluff** · 01-17-2005, 12:50 AM

Haha dude - let me guess - you're almost pissing your pants being as excited as you are about the idea of having 1+ million?

**DutchTeenCash** · 01-17-2005, 12:50 AM

wait did i mention yambo thats pretty cool too, its not an official bank so theyll surely know what to do with your million

**xclusive** · 01-17-2005, 03:48 AM

It's better spent on hookers...

**Nicky** · 01-17-2005, 03:52 AM

live large man, buy new cars and spend 10k on hookers and drugs every day, eventually you dont have to care too much about where to put your money

**Dalai lama** · 01-17-2005, 03:54 AM

no not at all

**JayJay** · 01-17-2005, 03:55 AM

I would withdraw the lot and chuck it straight under the matress with the rest ;)

**Pornopat** · 01-17-2005, 03:57 AM

Offcourse. What if they rob the bank? Then it is gone.
Better hide it under your bed. Or even better. Dig a hole in the garden and bury it. If you are lucky you might even grow a moneytree.

**Napolean** · 01-17-2005, 03:58 AM

i would keep it in paypal, where you know it will be safe from bank robbers

**Entropy** · 01-17-2005, 03:58 AM

i like to have my millions spread out

**Jakke PNG** · 01-17-2005, 04:01 AM

Originally posted by Pornopat

Offcourse. What if they rob the bank? Then it is gone.
Better hide it under your bed. Or even better. Dig a hole in the garden and bury it. If you are lucky you might even grow a moneytree.

Are you serious? You lose the money if they rob the bank? lol.

**Kristian** · 01-17-2005, 04:02 AM

Move to a country where $1million is a lot of money.
Go on a spending spree.
Go back to work.
Earn more money.

**Corleone** · 01-17-2005, 04:06 AM

Originally posted by Pornopat

Offcourse. What if they rob the bank? Then it is gone.
Better hide it under your bed. Or even better. Dig a hole in the garden and bury it. If you are lucky you might even grow a moneytree.

if somebody robs the bank he'll still get his money

**Wiggles** · 01-17-2005, 04:10 AM

Originally posted by TeenGodFather

Are you serious? You lose the money if they rob the bank? lol.

banks have insurance, never lose money.

**Pornopat** · 01-17-2005, 04:11 AM

Originally posted by TeenGodFather

Are you serious? You lose the money if they rob the bank? lol.

You did believe the part about the moneytree???

**Pornopat** · 01-17-2005, 04:12 AM

Originally posted by Corleone

if somebody robs the bank he'll still get his money

I know bro, I was just playing...

**evildick** · 01-17-2005, 04:14 AM

I suspect if you really had $1,000,000 in the bank you would know this, but you might want to read this if you are paranoid about losing what money you do have to the bank:

http://www.bankrate.com/brm/green/sav/svgs1d.asp

**strobi** · 01-17-2005, 04:26 AM

Yes it's ok. If you have most of your money (like 99 mill in real estate) you can have 1 mill cash for sure.

IDIOT

**Babagirls** · 01-17-2005, 04:55 AM

i'd put in different accounts lol

**SteveF** · 01-17-2005, 04:59 AM

it's a horrible idea, feel free to transfer some to my account

**hova** · 01-17-2005, 05:03 AM

put some in the bank, invest some..........spend some

**VeriSexy** · 01-17-2005, 05:05 AM

Cash Is King

**polish_aristocrat** · 01-17-2005, 05:16 AM

how do you guys know he doesnt have a million+ ?

**Scootermuze** · 01-17-2005, 05:22 AM

Originally posted by Wiggles

banks have insurance, never lose money.

I think most banks insure accounts up to $100,000

But... I could be wrong...

**Head** · 01-17-2005, 05:31 AM

Originally posted by thinkx

send it to paypal and tell them its adult thats the best imho

**Magg** · 01-17-2005, 05:36 AM

If someone comes up on a lot of money in a short amount of time, why would they automatically know how to manage it?

**Dirty-Dough** · 01-17-2005, 05:37 AM

One million cents, you mean?

**DeadFidel** · 01-17-2005, 06:02 AM

A million is not what is was. I have that in real estate, the market, and savings, but I don't consider myself a millionaire. When you have 10, then maybe.
PS. I do have 100k in cold cash hidden some where, so I undersatnd your question.

**ADL_JD** · 01-17-2005, 06:04 AM

Not smart is the account is only 100k FDIC insured (US only).

**XxXotic** · 01-17-2005, 06:08 AM

Originally posted by Wiggles

banks have insurance, never lose money.

banks are usually only insured up to 100,000 per individual account, so if u have 500k and something happens and the bank goes under/out of biz yer out 400k cuz the bank's only insured to 100k. If a bank gets robbed, it doesn't make a damn bit of difference you wouldn't lose a dime banks are insured for things like that

check the banks FDIC insurance limits, anything over that limit is prolly best in another account or bank

**bigdog** · 01-17-2005, 06:09 AM

anyone who has a house in new york or cali is a millionare just sell your crib

**Rui** · 01-17-2005, 06:53 AM

You have 1 million in your bank account and come asking advice in GFY...now thats something lol

**pxxx** · 01-17-2005, 06:55 AM

Bank is not a bad idea.

**Twe Russ** · 01-17-2005, 06:58 AM

I would rather have collateral since it aint as easy to steal or get it taken by gov.
Yes I would have it under someone in my family's name.

**Platinum Dave** · 01-17-2005, 07:50 AM

Having 1 million in the bank is terrible.

You make no interest at all, and with inflation you are actually losing money

**NinjaSteve** · 01-17-2005, 07:52 AM

If you had $1mil in the bank you should
- split it between accounts so it's all insured
- invest some into CDs or the stock market
- get an IRA for retirement

Make your money work for you

**Karupted Charles** · 01-17-2005, 07:57 AM

Originally posted by Wiggles

banks have insurance, never lose money.

LOL as a x-Broker I can tell you your bank has 100,000 in Sipic insurance. If they get robed your account is only guranteed up to 100,000. This is only US banks i do not know what country you are in. You need to take out extra insurance or look into special accounts with higher guranteed protection.

**Pornwolf** · 01-17-2005, 08:01 AM

four letters - REIT

**BradShaw** · 01-17-2005, 08:08 AM

I agree, better spent on coke and hookers.

**Nydahl** · 01-17-2005, 08:12 AM

Originally posted by SPW Guru

LOL as a x-Broker I can tell you your bank has 100,000 in Sipic insurance. If they get robed your account is only guranteed up to 100,000. This is only US banks i do not know what country you are in. You need to take out extra insurance or look into special accounts with higher guranteed protection.

you can get some personal deal with insurance agencies but it costs you a lot.

**Manowar** · 01-17-2005, 08:13 AM

Originally posted by CyberBachelor

you came to GFY to ask this question???

**Timbo** · 01-17-2005, 08:35 AM

Originally posted by Platinum Dave

Having 1 million in the bank is terrible.

You make no interest at all, and with inflation you are actually losing money

What he said.

**Illicit** · 01-17-2005, 08:42 AM

Originally posted by Wiggles

banks have insurance, never lose money.

your only covered 100,000 per account

**Hank_Heartland** · 01-17-2005, 08:46 AM

Originally posted by Wiggles

banks have insurance, never lose money.

Your deposits are only insured up to $100,000 you loose $900,000+

**I Like Chocolate** · 01-17-2005, 08:54 AM

Your money in the bank is only as safe as the banks loans. Banks are likely to collapse in this downturn we are going to see start to develop in the next several years. The safest thing to do would be to buy gold and silver bullion actually.

**pxxx** · 01-17-2005, 08:59 AM

I didn't know we had Financial advisers at Gfy.lol

**emthree** · 01-17-2005, 09:10 AM

I expected retarded responses.
WTF is wrong with some of you guys? No wonder the board tone is allways childish.

OnTime:Should be NP in that, just make sure you're spreading it across accounts and assets. Never leave all your money in ONE spot.

**DWB** · 01-17-2005, 09:34 AM

:love-smil

Is having more than 1 Million in the bank a bad idea?

Is having more than 1 Million in the bank a bad idea?

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment